Miscellaneous expenditure now written off
This query is : Resolved
12 January 2022
As per companies Act-2013, where are miscellaneous expenditure not written off ( like preliminary expenses/preoperative expenses) are shown in which asset and which subhead?
12 January 2022
The amount which is to be written off in next FY to be shown under current assets and the rest of the miscellaneous expenditure to be reported under Non Current Assets
12 January 2022
Kindly clarify as why the amount to be written off in next FY is shown as current asset as what i know is current assets are assets which are converted in cash within one year so how it can be a current assets?. Please guide.
16 January 2022
Miscellaneous expenditure may be shown in the balance sheet (Schedule III part-1) under the head 'other non current assets'. Amount w/off yearly may be shown under 'other expenses' in 'statement of profit or loss'(Schedule III part-II). Alternatively, fully w/off such expenses in the year of occurrence as per AS-26.
16 January 2022
Your understanding is correct per Instruction 1 of General instructions for preparation of Balance Sheet given in Schedule III.
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